CAG Report On Performance Audit On Central Excise And Service Tax Posted: 22 Dec 2011 06:23 PM PST This Report for the year ended March 2011 has been prepared for submission to the President of India under Article 151(1) of the Constitution of India. Audit of Revenue Receipts – Indirect Taxes of the Union Government is conducted under the Section... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| AO cannot assess other 'escaped income' if reason for issue of Notice under section 148 dropped Posted: 22 Dec 2011 06:06 PM PST ACIT vs. Major Deepak Mehta (Chattisgarh High Court) - The Bombay High Court in Jet Airways (supra) observed that after issuing a notice under Section 148, the income which has initially formed a reason to believe that the income has escaped... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Business Support Services / financial services not in the nature of technical services within the meaning of Article 12.5(b) of the DTA between India and the Netherlands Posted: 22 Dec 2011 05:51 PM PST The applicant is said to be providing scientific and technical services to Overseas Shell group entities. SSSABV, a company incorporated in Netherlands, through its branch in the Philippines, is currently providing back office financial services... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Advance Ruling Application can not be accepted if question raised in the application is already pending before any income-tax authority Posted: 22 Dec 2011 05:36 PM PST In Re Nuclear Power Corporation of India Ltd. (AAR) - Since the question whether the payment made under the transaction was chargeable to tax under the Act was pending before the authorities under the Act arising out of an assessment against ASE,... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| I- T department seizes Rs 300 crore in black money, including cash and jewellery, during April-October, 2011-12 Posted: 22 Dec 2011 05:12 PM PST Income Tax department seized Rs 300 crore (Rs 3 billion) in black money, including cash and jewellery, during April-October, 2011-12, Parliament was informed on Tuesday. The I-T department has issued 2,190 warrants and seized assets worth Rs 299.63... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Merely becauseITR-V sent to CPC not received for no failure on part of assessee, the return cannot be treated as invalid Posted: 22 Dec 2011 08:01 AM PST Though the Income Tax Department made a provision for electronic filing of returns, it appears that the ITR-V Form containing the due verification of the return of the assessee was required to be remitted only by ordinary post. The instructions... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Download Lokpal And Lokayuktas Bill, 2011 and Read Full text Posted: 21 Dec 2011 08:29 PM PST THE LOKPAL AND LOKAYUKTAS BILL, 2011 A BILL to provide for the establishment of a body of Lokpal for the Union and Lokayukta for States to inquire into allegations of corruption against certain public functionaries and for matters connected... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Lokpal and Lokayuktas Bill 2011 Introduced in Lok Sabha Posted: 21 Dec 2011 08:29 PM PST Government today introduced in Lok Sabha the Lokpal and Lokayuktas Bill, aimed at setting up the body of Lokpal at the Centre and Lokayuktas at the level of the States. Government also introduced a Bill for amending the Constitution for... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Frequently Asked Questions Companies (Cost Accounting Records) Rules, 2011 and Companies (Cost Audit Report) Rules 2011- FAQ – 5 Posted: 21 Dec 2011 08:21 PM PST Whether a cost auditor can be appointed as Internal Auditor of the company. Whether there is any restriction on the cost auditor to accept assignments from a company where he is the cost auditor. Refer to MCA General Circular No. 68/2011 dated 30th... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| KYC Norms/AML Standards/CFT – Obligation of Authorised Persons under PMLA, 2002 Posted: 21 Dec 2011 08:15 PM PST A.P. (DIR Series) Circular No. 60 In view of the problems faced by the money changers while obtaining documents towards address proof from foreign tourists, it has been decided to amend certain instructions contained in the aforementioned Part. The... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Mobile Banking Transactions in India – RBI removes transaction limit of Rs. 50,000/- per customer per day Posted: 21 Dec 2011 08:14 PM PST Banks are increasingly extending mobile banking facilities (financial) to their customers. Interbank Mobile Payment Service (IMPS) developed and operated by National Payment Corporation of India (NPCI) has also enabled real time transfer of funds... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Implementation of the Internal Rating Based (IRB) Approaches for Calculation of Capital Charge for Credit Risk Posted: 21 Dec 2011 08:14 PM PST Banks intending to move to any of the IRB approaches for computing capital charge for credit risk are advised to assess their preparedness for the same with reference to these guidelines. If a bank feels that it is prepared to adopt IRB approaches...
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